Output Decrease Caused Plummet in China Refined Oil Apparent Consumption Volume in 2020
Highlights: According to the import and export data released by GACC and the output data released by China’s National Bureau of Statistics, China’s apparent consumption volume of gasoline, diesel and kerosene decreased Y-O-Y. As the operating rates at China’s refineries are predicted to stay at high levels in the first two months of 2021, the overall supply will rise accordingly. Therefore, the apparent consumption volume is likely to increase Y-O-Y.
Apparent Consumption Volume
According to SCI, in December 2020, China’s apparent consumption volume of gasoline was 10,261.0kt, down 2.55% Y-O-Y and 2.09% M-O-M. That of diesel was 11,591.6kt, down 11.74% Y-O-Y, while up 3.86% M-O-M. That of kerosene was 3,563.8kt, up 22.22% Y-O-Y and 7.41% M-O-M.
In 2020, China’s total apparent consumption volume of gasoline was 116,197.3kt, down 7.59% Y-O-Y. That of diesel was 140,480.8kt, down 3.71% Y-O-Y. That of kerosene was 33,067.1kt, down 14.52% Y-O-Y.
Output
In 2020, China’s refined oil output was at a low level in Q1, especially in February. The output dropped sharply in February as the operating rates at most refineries declined rapidly caused by the coronavirus pandemic. The lowest operating rates at the state-owned refineries and independent refineries appeared in Q1, which were 57.11% and 41.84% respectively.
